He expressed the resolve to eliminate all the bottlenecks leading to investment in energy. Resolution of energy issues was the top priority of his government and they would welcome all the Chinese and foreign investment in this regard, he added. The Prime Minister expressed the hope that the Chinese investment in energy sector would take the lead. He said under Pak-China Trade Co-operation Pact, both the countries were co-operating for execution of 36 projects in different sectors during second five-year phase. He expressed satisfaction that earlier the first five years agreement was a success of close co-operation.
Prime Minister Nawaz Sharif expressed his pleasure for addressing the top corporate leaders in the energy conference between China and Pakistan and added that it would be immense pleasure for him to be among the investors and energy experts from China and Pakistan. He said: "I have chosen China as my first destination after assuming office of the Prime Minister of Pakistan last month. I did so as we have unmatched and special friendship, which is time tested."
The bonds of friendship between Pakistan and China together have stood the test of times and also emerged from the heavy challenges, he said, adding that irrespective of the political changes, Pakistan and China relationship have been steady and strong. "Truly we are Iron Brothers as Premier Li has remarked during his visit to Islamabad," the Prime Minister recollected.
He said Pakistan-China friendship was comprehensive and broad-based which was manifested in every field of co-operation. Referring to issues back in the country, the Prime Minister said that the revival of Pakistan's economy was the priority of his government.
He was of the view that the fundamental challenge of the country was to overcome the energy crunch which had been the greatest impediment in Pakistan's economic recovery. "This is daunting because of multiple challenges faced by the country today and with friend like China, we are confident that we would be able to surmount all this," he added.
In this regard, the PM said he had already set the pace. The Prime Minister said that energy policy and energy security had been the part of his party's manifesto, and they were striving to implement it. He said the government has already been implementing energy roadmap. Although the short term policies would provide temporary relief but they were focusing primarily on long term strategies. He reiterated that in future, the present government would provide uninterrupted power supply to industries for giving a spur to the business activities.
Inviting the Chinese investors to invest in hydroelectric power projects, the Prime Minister said Neelum-Jhelum Hydropower Project was being executed by a Chinese company. The project has the capacity of generating 696 megawatt of power that would be completed by 2016. "If needed, we will slash our non-development expenditures to accelerate the project completion," he said. Referring to three more power projects in Karot, Kohala and Taunsa being executed by China's Three Gorges Corporation, the Prime Minister said these would add 2,000MW to national grid.
Nawaz said his government looked forward to Chinese investment in renewable energy sector particularly wind and solar with the country having accumulated potential of 60,000MW. He said Pakistan is blessed with abundant solar light and strong wind; adding a Three Gorges Corporation was already engaged in a windpower project in Jhampir area. He said other hydropower project including Diamer Bhasha and Bunji power projects put together would generate more than 7,000MW. He, however, said Pakistan was also rich of coal reservoirs of 185 billion tons having a capacity to generate 100,000MW for 300 years.
The quality of the coal, he said has been certified internationally and major chunk of it has been found in Thar. Nawaz said the government strongly encouraged investment in alternate energy sector and Alternate Energy Development Board would provide updated guidelines to Chinese investors. Emphasising upon existing closer bond, the Prime Minister said the ties between both friendly countries should be broad-based and this mutual co-operation should be a driving force, taking to higher plain of performance. "Stage is set for a new chapter and a story of glorious friendship, which is also a collective wish of the leadership of both countries," Nawaz commented.
The Prime Minister said that Chinese financial institutions were also investing in Pakistan and in banking sector, they have recently agreed upon currency swap programme. He also insisted upon more free trade through sustained institutional mechanism to stimulate growth, development and enhanced connectivity.
The Prime Minister further said that during Premier Li's visit to Pakistan, they were agreed over setting up Pak-China Trade Corridor which would change the economic landscape of the region. He said the Corridor envisaged enhanced connectivity and economic relationship, also linking vast regions like China, South Asia, Central Asia and the Middle East, thus broadening the sphere of co-operation and trade ties.
Chief Minister of Punjab Shahbaz Sharif in his address said the government also encouraged Chinese investment in solar, wind and other means of energy. Later, the Prime Minister Nawaz Sharif also responded to various questions and assured the investors of government's all out support for setting up energy projects in Pakistan.